Did you know that if your CIBIL score is poor and the location of your property is at an unknown place, it can increase your home loan EMI? Yes, that’s possible!
If you want to know about the aspects or reasons that can increase your home loan EMI amount, here is a quick post!
Poor CIBIL score
The importance of a higher CIBIL score is known in the financial industry. If it is higher, your home loan interest rate will be lower. In turn, it can help you pay lower EMIs. On the other hand, a poor credit score may lead to the rejection of the home loan. Even if you get the loan application approved, your interest charges will increase. In turn, it will increase your home loan EMI amount.
The location of your property
If the location of your property is in the outskirts and without amenities, lenders may find it tough to liquidate it in case of default. In this case, the applicable home loan interest rate and the home loan EMI amount will be higher.
Your loan tenor
A longer tenor means paying smaller loan EMIs, but your rate of interest will be higher. On the other hand, if your tenor is smaller, your interest amount will be less, but your EMI amount will be more. It is also possible to use the online home loan EMI calculator on a lender’s website to arrive at the exact housing loan EMI amount.
Your age is another factor that can help you decide the home loan EMI amount. If you are a young applicant, you can get a higher loan amount at a lower rate. Aged loan candidates may let you get the loan approval.
But the loan amount may be lower and at a higher interest rate. It is why it is recommended to apply for a home loan when you are young.
Read Also: Will the home loan interest rate decrease in the future?
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